Securring a Loan

[Duhwinning509]

Whats the chances that i could receive a loan? Im brand new to the site and only been into crypto for about two months now. I always used coinbase or localbitcoins to purchase but after loosing my I.D. i have not been able to purchase. I recently went and bought a American express serve prepaid credit card and loaded it with 500 thinking that i would be able to find some site to use it on but everything i have tried does not accept amex. So i deff have colateral. I just need someone willing to work with someone new. I would only need a loan until my new I.D. gets here, which is currently being shipped.

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[1714546165]

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[1714546165]

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[ThatRandom8543]

Whats the chances that i could receive a loan? Im brand new to the site and only been into crypto for about two months now. I always used coinbase or localbitcoins to purchase but after loosing my I.D. i have not been able to purchase. I recently went and bought a American express serve prepaid credit card and loaded it with 500 thinking that i would be able to find some site to use it on but everything i have tried does not accept amex. So i deff have colateral. I just need someone willing to work with someone new. I would only need a loan until my new I.D. gets here, which is currently being shipped.

Your $500 prepaid card isnt valid collateral. You can use paypal with amex or go buy a prepaid mastercard or visa card and load money from your amex to that.

[Duhwinning509]

So a prepaid mastercard or visa would be a valid form of collateral?

[magneto]

So a prepaid mastercard or visa would be a valid form of collateral?

Nope. It's not valid collateral because it cannot be easily liquidated at face value(if you want instant liquidation, the lender would have to expect something like a 30% haircut or potentially more off the actual value of the card), and also if you provide the card number, CVV, etc. to the lender, you still know these details and can use this card on a purchase.

Not to mention, the card could be carded. Absolutely no guarantees when it comes to a newbie providing this as a collateral.

I would suggest if you really need the coins urgently and you are willing to provide interest for the loan anyways, why not just buy BTC from vendors on paxful using your prepaid card?

[Vod]

So a prepaid mastercard or visa would be a valid form of collateral?

So you send the lender the prepaid MC.  He sends you BTC.  You then spend the prepaid MC and disappear with your newbie account....

Nice try...

[magneto]

So a prepaid mastercard or visa would be a valid form of collateral?

So you send the lender the prepaid MC.  He sends you BTC.  You then spend the prepaid MC and disappear with your newbie account....

Nice try...

Exactly. This is why gift cards/prepaid visa/MCs will never be considered to be valid collateral.

Essentially it's a doublespend. collateral is supposed to be in the sole control of the escrow holding the collateral/the lender himself(if he is trusted enough by the borrower to do so), so that in case of default, he can use it to cover the loan.

GCs can still be spent by the borrower after he receives the loan.

[ThatRandom8543]

So a prepaid mastercard or visa would be a valid form of collateral?

No. You said amex isnt available in alot of areas, so I suggested visa or mastercard. No form of debit or credit card of any kind will ever be considered as valid collateral. You can go to coinbase and buy bitcoin with your card and use the bitcoin (or litecoin or ethereum) as collateral towards a loan. Otherwise you wont even get a sat from anyone here.

[Duhwinning509]

i was using coinbase, paxful, and localbitcoins to purchase btc. I recently lost my wallet and with my id and bank cards. Someone tried using my bank cards so when logging into coinbase they asked for me to verify my identity when i tried to buy some more btc. I cant do this til my new id comes. Which is the whole reason i ended up with the Amex Serve prepaid card. Im not asking for a loan with the amex card. I mentioned it so that a potential lender would know i do have a way to get whatever form of collateral. I can spend it on whatever. Im completely new to all of this so trying to figure it all out. Im more than willing to use the amex card for whatever is needed to be used as an acceptable form of collateral. Im just needing help and tips. Or for a lender that might be willing to walk me through it all. Thank you everyone for the feedbank and help, please no negative feedback tho. I understand im new so that throws up red flags, but im not trying to pull a fast one on anyone. I guess i should do more research on what can be used as collateral but i was just hoping someone would tell me what to use the amex card on for the collateral they wanted.

[Duhwinning509]

Again the Amex card was just to show that some form of collateral would be possible. I also have around 150 give or take in alt coins on Binance right now. As for a loan size i was looking for around 400 usd worth of bitcoin. I am currently being paid through the state going to school for mobile and desktop web development. I get paid on a weekly basis of 595 dollars every tuesday. If i can find someone willing to work with me i would like to pay at least 75-100 dollars every tuesday until my loan plus interest was paid back.

[Vod]

Go to one of your friends or family members that has ID, and have them open an account so you can buy bitcoins.

[Duhwinning509]

Go to one of your friends or family members that has ID, and have them open an account so you can buy bitcoins.

I have started the process of this but it takes time to get an account verified and since its friday they wont be able to link a bank card until monday, but the card that i was getting for them to be able to link was this amex card i have. I got it not knowing that it was considered a prepaid credit card and not a debit card. almost no where online will take it for stuff like that. Coinbase, Google Wallet, Skrill, Paypal. None of them will accept it. 

[condoras]

You get your answer (not once but three times), from respectful members of our community.
You still insist though to ask something which is not going to happen. Read the stickies what is and what isn't a form of Collateral here.

By the way, verifying at Coinbase is not take days or have anything to do with the day that you initiate your verification progress.
I suggest to lock this Thread of yours before it's too late for your Account.

[Duhwinning509]

You get your answer (not once but three times), from respectful members of our community.
You still insist though to ask something which is not going to happen. Read the stickies what is and what isn't a form of Collateral here.

By the way, verifying at Coinbase is not take days or have anything to do with the day that you initiate your verification progress.
I suggest to lock this Thread of yours before it's too late for your Account.

All i was doing was looking for someone who would possibly be willing to work with a new member, and by mentioning the amex card my though process was that they would name a form of collateral to get with it. My mistake and i apologize if anyone thinks that im just looking for handouts. Ill read the stickies and do this correctly.

[magneto]

i was using coinbase, paxful, and localbitcoins to purchase btc. I recently lost my wallet and with my id and bank cards. Someone tried using my bank cards so when logging into coinbase they asked for me to verify my identity when i tried to buy some more btc. I cant do this til my new id comes. Which is the whole reason i ended up with the Amex Serve prepaid card. Im not asking for a loan with the amex card. I mentioned it so that a potential lender would know i do have a way to get whatever form of collateral. I can spend it on whatever. Im completely new to all of this so trying to figure it all out. Im more than willing to use the amex card for whatever is needed to be used as an acceptable form of collateral. Im just needing help and tips. Or for a lender that might be willing to walk me through it all. Thank you everyone for the feedbank and help, please no negative feedback tho. I understand im new so that throws up red flags, but im not trying to pull a fast one on anyone. I guess i should do more research on what can be used as collateral but i was just hoping someone would tell me what to use the amex card on for the collateral they wanted.

If you have valid collateral, even if it's not altcoins, then i can help you with this. But a prepaid MC is a big no-no for me and i'm sure that most people on here that are conducting loaning businesses will not be able to help you out.

If you just want to sell the MC though just say so. There are people on paxful that are willing to buy your prepaid MC without any ID, it'll just be really bad rates you're being offered, that is all. Honestly you're much better off just waiting for your ID. Why do you need the loan anyways?